“The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges.”

That’s according to a report by the Real Estate Board of Greater Vancouver, which also noted that, “The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.”

And if you were feeling priced out of the Vancouver market, take heart.

The REBGV says, “Since May 2008, the overall residential benchmark price has declined 14.8 percent in Greater Vancouver to $484,211 from $568,411.”